The crypto lender Celsius Network has embarked on a trial with the aim of restarting as a user-owned Bitcoin miner, with $450 million in financial capital from a Fahrenheit LLC consortium spearheaded by Arrington Capital. Whilst the pathway may not be obstacle-free, Court Judge Martin Glenn is evaluating the plan for thawed customer funds, which involves providing up to $2 billion in assets in Ethereum, Bitcoin and allotments to a new entity.
Distributing shares, alongside the legal cases raised against ex-executives (including having fraud accusations directed at former CEO Alex Mashinsky), is set to be Celsius’ repayment strategy. However, objections have paddled into view from Lantern Ventures affiliates, who hotly contend that the new institution has been overvalued.